We’re really excited to celebrate the grand opening of Pearl Place II on June 10. We’re not just marking the opening of new, affordable apartments in Portland – we’re also celebrating the culmination of a nearly decade-long effort to participate in the revitalization of the Bayside neighborhood.

It was in August 2004 when we announced our plans to build in phases 100 housing units. And while our conceptual plans and timelines were adapted over the years, our goal did not: Spur the growth of the Bayside neighborhood by building new housing units.

A 2000 study entitled “A New Vision for Bayside” called for a return to the neighborhood’s residential roots with the creation of 500 housing units. In 2004, Ronald Spinella, then-chairman of the Bayside Neighborhood Association, told the Portland Press Heraldthat “it would be a real boon to Bayside to have more people living here again.”

In late 2007, on the corner of Oxford and Pearl streets, we opened Pearl Place I, an energy-efficient building with 60 apartments. The building filled more quickly than anticipated, and many of the new residents were immigrants and refugees. The location was ideal: 43% of the residents could walk to work, and the average resident commute shrunk from nearly 10 miles to less than 3.

Now, we’ve added another 54 apartments with Pearl Place II. Many of the residents are immigrants and refugees. Many are working families. Some are participants in the STRIVE U program, which provides post-secondary education and training to young adults with developmental disabilities. Some were formerly homeless and in desperate need of a safe, affordable place to live.

Over the last decade, the Bayside neighborhood has experienced a renaissance, thanks to concerted city efforts and $140 million of private investment. Our residents now have even more they can walk to, like Whole Foods and Trader Joe’s. Avesta also moved its office to the Bayside neighborhood in 2002 with the purchase of 307 Cumberland Avenue. And while our Pearl Street plans are complete, our investment in the Bayside neighborhood is far from over.

We’ve enjoyed being a part of the changing landscape of the Bayside neighborhood over the last 10 years, and we’re excited to see what the next 10 will bring.